Hello everyone , and welcome to another daily recap by True Trade ! Today's recap will be a bit shorter , but take heed to some important levels given, especially for SPY , for the next coming days. So without further wait, let's get right into it.
(ALL TIME IS BASED ON PST)
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !)
Off the open , the two main plays I was interested in was IBM , as it had just come off a fresh earnings report and the oher was SPY , due to it's overnight price action. Other than those two , my morning thesis from the start was look for some long trades, looking to take shorts into the close (which we did take , and will go over tomorrow if they do play out )
SPY , /ES
/ES - DAILY UNTIL 7/20 6 PM
The circled part of the above chart shows the overnight price action of /ES or the SPY futures from 7/19 . We were ranging between 4260 and 4275 before market open , with that 4260 area equating to the key daily 425.26 $SPY level.
1 MIN CHART
With spy opening around that key level , initial thoughts were look for a long on a hold over the zone. We moved back and forth for the first few minutes , but once we started to hold (grey circle) , a good trade setup was present , with stop at LOD , and 1st target at 427.5 (also the overnight /ES resistance zone). This one was a pretty quick one , hitting the first target in about 10 minutes and the runner continued to go, pushing higher for the majority of the day hitting just over 431 at HOD.
5 MIN CHART
The above chart just helps simply the strong up trend on the day , and where I decided to take my final long trades off before looking to take shorts . The man reason for shorts was we were getting back towards our initial breakdown zone from 7/16 and that we closed back under the gap. Sellers have shown life , but would like to see back under 430.4 to really be more interested in adding in shorts.
ONE MIN CHART
Initial thoughts off open , we were opening between 2 key daily levels , 144.5 and 141.2 , over 141.2 I liked longs. We had a quick move into support at open , didn't quite get there , but the double bounce and hold offered a long entry. I was busy with spy off open , so was a bit more patient getting into IBM. Once we started to hold 143 and vwap , took the long trade targeting 144 , which wwe got to quickly , 4 minutes from entry , a solid quick trade. 🚀
5 MIN CHART
Now apart from the morning long trade , there was a short trade available for those interested. A key level off the watchlist , once IBM started to reject under 144.5 , shorts could be taken with stop at HOD 145. We saw a step selloff after the morning bounce , brokeback under 143 and continued to fizzle out, heading $5 lower. If the initial short trade off 144.5 was missed , break back under vwap and 143 also gave an opportunity for another short trade with tight stop over.
A great example of being able to take both sides of a trade , when there is volatility, there is plentiful trade opportunities . You don't need to take them all, just take the setup your most comfortable with , but it never hurts to add new trick/trade setups to your trading bag 😱
That's all for today , tomorrow's post should be a bit more elaborate , especially if we get the move im expecting , so see you all then 👀.
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